GMT EIGHT - China News

Ministry of Culture and Tourism: The number of domestic travelers in 2024 is 5.615 billion, an increase of 14.8% year-on-year.

Xinhua News Agency, Beijing, January 22 (Reporter Xu Zhuang) According to the Ministry of Culture and Tourism, based on the results of a sampling survey of domestic tourism, the number of domestic trips in 2024 was 5.615 billion, an increase of 724 million compared to the same period last year, an increase of 14.8%. Among them, the number of domestic trips by urban residents was 4.37 billion, an increase of 16.3% year-on-year; the number of domestic trips by rural residents was 1.245 billion, an increase of 9.9% year-on-year. Looking at the quarters, the number of domestic trips in the first quarter was 1.419 billion, an increase of 16.7% year-on-year; the number of domestic trips in the second quarter was 1.306 billion, an increase of 11.8% year-on-year; the number of domestic trips in the third quarter was 1.512 billion, an increase of 17.2% year-on-year; the number of domestic trips in the fourth quarter was 1.378 billion, an increase of 13.2% year-on-year. In 2024, the total expenditure of domestic tourists was 5.75 trillion yuan, an increase of 840 billion yuan compared to the previous year, an increase of 17.1% year-on-year. Among them, urban residents spent 4.93 trillion yuan on travel, an increase of 18.0% year-on-year; rural residents spent 0.83 trillion yuan on travel, an increase of 12.2% year-on-year. This article is reprinted from "Xinhua News Agency", GMTEight editor: Xu Wenqiang.

30 min ago

Four departments: Each region should prepare a three-year rolling plan for land reserve based on national economic and social development plans and national land space planning.

On January 22, the Ministry of Natural Resources, the Ministry of Finance, the People's Bank of China, and the China Banking and Insurance Regulatory Commission issued a notice on the issuance of the "Land Reserve Management Measures". The measures propose that localities should formulate a three-year rolling plan for land reserve based on national economic and social development planning, land space planning, reasonably determine the scale of land reserve for the next three years, make overall arrangements for land resources that can be collected and reserved within three years in terms of total quantity, structure, layout, and timing, delineate reserve zones in conjunction with urban renewal, large-scale development, etc., and prioritize the reserve of existing construction land that is vacant or underutilized. The original text is as follows: Provincial, autonomous region, and directly governed municipality departments responsible for natural resources, finance departments (bureaus), Xinjiang Production and Construction Corps Bureau of Natural Resources, Finance Bureau, People's Bank of China Shanghai Head Office, provincial, autonomous region, directly governed municipality branches, and financial regulatory authorities: In order to strengthen and standardize land reserve management, in accordance with relevant laws and regulations and the provisions of relevant documents of the State Council on the management of state-owned land assets, the Ministry of Natural Resources, the Ministry of Finance, the People's Bank of China, and the China Banking and Insurance Regulatory Commission jointly revised the "Land Reserve Management Measures". Now it is issued for your implementation. Ministry of Natural Resources, Ministry of Finance, People's Bank of China China Banking and Insurance Regulatory Commission January 10, 2025 Land Reserve Management Measures 1. General Requirements (1) In order to improve the land reserve system, promote the efficient use and allocation of land resources, enhance the support and guarantee capability of construction land, and promote high-quality development, in accordance with the "Land Management Law" and the State Council's Notice on Strengthening the Management of State-owned Land Assets (State Council Document No. 15 [2001]), the State Council's Notice on Promoting the Economical and Intensive Use of Land (State Council Document No. 3 [2008]), and the State Council's Office's Notice on Regulating the Revenue and Expenditure Management of State-owned Land Use Rights (State Council Document No. 100 [2006]), these measures are formulated. (2) Land reserve refers to the behavior of county-level (inclusive) and above natural resources authorities acquiring land legally, carrying out asset management, organizing preliminary development, and storing for supply in order to regulate the land market, promote the rational use of land resources, implement and safeguard the rights of owners. Land reserve work is unified under the management of the natural resources authority, and land reserve institutions are responsible for the specific implementation of land reserve work. The finance department is responsible for the supervision of land reserve funds and the formation of assets. (3) Land reserve institutions should be approved by the people's government at or above the county level, have independent legal personality, be affiliated with the natural resources authority of their administrative division, and be responsible for the land reserve work in their administrative jurisdiction. The natural resources authority shall implement a list-based management system for land reserve institutions. Natural resources authorities at the municipal and county levels should report the information of institutions that meet the regulations to the provincial natural resources authority level by level, and after review by the provincial natural resources authority, report to the Ministry of Natural Resources, include it in the national list of land reserve institutions, and update it dynamically. 2. Reserve Plan (4) Localities should formulate a three-year rolling plan for land reserve according to national economic and social development planning and land space planning, reasonably determine the scale of land reserve for the next three years, make overall arrangements for land resources that can be collected and reserved within three years in terms of total quantity, structure, layout, and timing, combined with urban renewal, large-scale development, etc., to delineate reserve zones, and prioritize the reserve of existing construction land that is vacant or underutilized. (5) Localities should reasonably formulate annual land reserve plans based on the needs of urban construction development and land market regulation, combined with local social development planning, the three-year rolling plan for land reserve, and the annual state-owned construction land supply plan. The content of the annual land reserve plan should include: 1. Carry-over situation of reserve land at the end of the previous year (including the list of proposed reserve land at the end of the previous year and the land already in the reserve); 2. Plan for new reserve land in the year (including the scale and list of proposed reserve land to be acquired and the newly added land already in the reserve); 3. Preliminary development plan for the year (including the list of preliminary development land for the year); 4. Land supply plan for the year (including the list of land to be supplied in the year); 5. Temporary management plan for reserve land in the year; 6. Total amount of land reserve funds required for the year. In which, proposed reserve land refers to land that has been included in the land reserve plan or has been approved by the people's government at or above the county level, and work such as reclamation, acquisition, or expropriation has been initiated but complete ownership has not been obtained; land already in the reserve refers to land that the land reserve institution has obtained complete ownership of and has been included in the management of reserve land. (6) In the third quarter of each year, the natural resources authority, together with the finance department, should organize the preparation of the land reserve plan for the next year, submit it for approval to the same level of people's government, and report it to the provincial natural resources authority for the record. If there is a need to adjust the annual land reserve plan due to changes in land market regulation policies or re-development of inefficient land, the land reserve plan should be submitted for approval and record according to the original approval procedure. 3. Standards for Reserve Land Entry (7) Reserved land must comply with land space planning. Land with pollution, cultural relics, overlay of mineral deposits, flood risks, geological hazards, etc., shall not be included in the reserve until related units have completed verification, evaluation, and management according to relevant regulations. (8) The following types of land can be included in the reserve: 1. State-owned construction land that has been legally reclaimed and whose original land use rights have been cancelled; 2. State-owned construction land acquired through purchase; 3. State-owned construction land obtained through exercising the right of first refusal; 4. Land for which approval has been obtained for conversion from agricultural land or expropriation and expropriation has been completed; 5. Other state-owned construction land obtained legally. The land to be included in the reserve must have clear property rights. Land reserve institutions should audit the legality of the acquisition method and procedure, economic compensation, ownership status (including ownership and usufructuary rights, security rights), etc., and must not harm the legitimate land rights for the sake of acquisition. Land that does not meet the legal requirements for acquisition method and procedure, insufficient compensation, unclear land ownership, and various types of real estate rights registration procedures such as original collective land ownership or state-owned construction land use rights have not been completed, should not be included in the reserve. (9) The compensation standard for acquired land shall be determined by the land reserve institution and the land user based on land assessment results, etc., in accordance with established procedures.Business, confirmed by the same level natural resources regulatory authority and finance department. () () () (10) Reserved land will no longer handle the first registration of state-owned land use rights, and will not handle real estate mortgage registration. 4. Pre-development, Management and Supply (11) Land reserve agencies are responsible for clearing the property rights of reserved land deposited, and evaluating the asset value of reserved land deposited. (12) Land reserve agencies should organize necessary pre-development of reserved land to provide guarantees for land supply for the government. Pre-development of reserved land should strengthen the protection of cultural relics, historical sites, ancient trees and other heritage in accordance with the planning of the plot, complete the construction of basic infrastructure such as roads, water supply, electricity supply, gas supply, drainage, communication, and fences within the plot, and carry out land leveling to meet the necessary "leveling" requirements. Specific projects should be constructed by selecting units for engineering exploration, design, construction, and supervision in accordance with relevant regulations. During the construction of pre-development projects, land reserve agencies should supervise and manage the implementation of the projects. After the completion of the project, land reserve agencies should organize acceptance according to regulations or entrust a professional organization to conduct acceptance, and report to the competent natural resources department in accordance with relevant regulations for the record. (13) Land reserve agencies should manage the land included in the reserve through self-management, entrusted management, or temporary use, establish a patrol system, and early identify, stop, and deal with behaviors that infringe on the rights of reserved land. The management of reserved land can be assigned to the internal institutions of the land reserve agency, or the land reserve agency can select a management unit according to relevant regulations. (14) Before the reserved land is supplied, land reserve agencies may utilize the reserved land or buildings (structures) above the ground through leasing, temporary use, etc. Temporary use of reserved land generally does not exceed two years and should not affect land supply. Temporary use of reserved land should be approved by the competent natural resources department at the same level. Temporary use of reserved land in urban planning areas that require the construction of buildings must go through approval procedures in accordance with the law and must not construct permanent buildings. (15) After the pre-development of reserved land is completed and has supply conditions, it should be included in the local state-owned construction land supply plan, which will be organized by the competent natural resources department of the city/county for land supply. Before supplying registered and certified reserved land, the land reserve agency should first apply for cancellation of real estate registration, otherwise, it will not be supplied. 5. Fund Management (16) The income and expenditure management of land reserve funds shall strictly follow the financial regulations of the Ministry of Finance and the Ministry of Natural Resources regarding the financial management of land reserve funds. The Ministry of Finance sets aside a certain proportion of funds from land transfer revenue to establish a state-owned land revenue fund, mainly used for land reserve, with the specific proportion determined by the people's governments of provinces, autonomous regions, municipalities directly under the Central Government, and planned cities, and submitted to the Ministry of Finance and the Ministry of Natural Resources for the record. Land reserve funds are arranged through government budgeting and implemented on a dedicated basis. (17) Land reserve agencies should strictly use land reserve funds for designated purposes and should not misappropriate them. The daily expenses required by land reserve agencies are included in the government budget, and are separately accounted for from the land reserve funds, without mixing them. After land supply, the land acquisition costs should be settled in a timely manner. (18) Land reserve agencies should prepare a budget for land reserve fund income and expenditure projects in accordance with regulations, which should be audited by the competent natural resources department at the same level and approved by the same-level Ministry of Finance before implementation. At the end of the year, land reserve agencies should submit the final accounts of the income and expenditure projects of the land reserve funds to the same-level Ministry of Finance for review, either by the same-level Ministry of Finance or by designated reputable accounting firms with high professional quality. (19) Land reserve funds should establish a performance evaluation system, with the performance evaluation results serving as the basis for the Ministry of Finance to arrange the annual income and expenditure projects of land reserve funds. (20) The management of special bonds used for land reserve shall be carried out in accordance with the relevant regulations of the Ministry of Finance, the Ministry of Natural Resources, and other relevant departments. 6. Supervision Responsibilities (21) Informatization management. The Ministry of Natural Resources shall establish the National Land Assets Management Information System, which is used for the information management of reserved land and integrated into the supervision and implementation of the national land spatial planning "map". For land reserve projects involving the use of special bonds, the Ministry of Natural Resources and the Ministry of Finance should link and share project information through the local government debt management information system, and the Ministry of Finance should provide the list of land reserve projects using special bonds to the Ministry of Natural Resources. Land reserve agencies should enter the land reserve plan, project, plot, and special bond-related information into the system as required, and carry out work in accordance with relevant laws, regulations, and normative documents. Failure to comply with relevant requirements will result in warnings until the entity is removed from the national land reserve agency list. The competent natural resources departments at all levels should strengthen the audit and supervision of the data in the National Land Assets Management Information System, ensuring the authenticity, completeness, accuracy, and timeliness of the data. They should establish random checks and data verification mechanisms, regularly monitor, analyze, and evaluate the related data indicators of reserved land, and adjust as needed. (22) Departmental supervision. The competent natural resources departments and finance departments at all levels should cooperate according to their respective responsibilities to ensure the smooth progress of land reserve work. The natural resources departments at the city/county level should develop relevant management measures to supervise land reserve agencies, business operations, asset management, and fund utilization, conduct regular assessments, strengthen the management and guidance of land reserve agencies, review and adjust land reserve plans and fund requirements, ensure the financing balance of land reserve projects using special bonds, guide relevant entities to timely hand over funds for repayment of the special bond principal and interest, and cooperate with the city/county finance department in the management of related special bond issuances. The provincial natural resources department is responsible for formulating the supervision system for land reserve in its administrative jurisdiction, providing policy and business guidance for land reserve operations, supervising the operation of land reserve agencies and local land reserve businesses, reviewing the directory of land reserve agencies, the scale of land reserve, and the needs of funds and special bonds, ensuring the financing balance of land reserve projects using special bonds, guiding relevant entities to timely hand over funds for repayment of the special bond principal and interest, and coordinating with the provincial finance department in the management of related special bond issuances and other related work. The finance department is responsible for auditing the budget, final accounts of land reserve funds, establishment and disbursement of state-owned land revenue funds, and allocation of land transfer income, ensuring the legal use of funds and dedicated purposes.Supervise the payment and collection of funds, settle the cost of land acquisition and storage, and manage the issuance of special bonds for land reserves.(23) Natural resources regulatory departments at all levels, financial departments, branches of the People's Bank of China, and agencies dispatched by the China Banking Regulatory Commission should establish a joint regulatory mechanism that is in line with local realities. According to their respective responsibilities, they should supervise and guide the reserve of land, assets, funds, and special bonds. VII. Other requirements (24) Natural resources regulatory departments in provinces, autonomous regions, municipalities directly under the central government, and separately listed cities may, in accordance with the provisions of these measures, in conjunction with the local financial departments, branches of the People's Bank of China, and agencies dispatched by the China Banking Regulatory Commission, formulate specific implementation measures based on local conditions. (25) These measures are to be interpreted by the Ministry of Natural Resources in conjunction with the Ministry of Finance, the People's Bank of China, and the China Banking Regulatory Commission. (26) These measures shall be implemented from the date of issuance. The "Notice of the Ministry of Land and Resources, Ministry of Finance, People's Bank of China, and China Banking Regulatory Commission on Issuing the Measures for the Management of Land Reserves" (Guo Tu Zi Gui [2017] No.17) is hereby repealed. This article is excerpted from the Ministry of Natural Resources, GMTEight Editor: Chen Wenfang.

38 min ago

National Energy Administration: By the end of December 2024, the country's cumulative installed capacity for power generation is expected to be approximately 3.35 billion kilowatts, representing a year-on-year increase of 14.6%.

On January 21st, the National Energy Administration released the 2024 national electricity industry statistics. By the end of December, the cumulative installed power generation capacity in the country was about 3.35 billion kilowatts, an increase of 14.6% year-on-year. Among them, CECEP Solar Energy's installed power generation capacity was about 0.89 billion kilowatts, an increase of 45.2% year-on-year; wind power installed capacity was about 0.52 billion kilowatts, an increase of 18.0% year-on-year. In 2024, the average utilization of power generation equipment in power plants of 6000 kilowatts and above nationwide was 3442 hours, a decrease of 157 hours compared to the same period last year; the total investment in power projects by major power generation companies in the country was 1.167 trillion yuan, an increase of 12.1% year-on-year; the investment in grid projects was 608.3 billion yuan, an increase of 15.3% year-on-year. This article is selected from the official WeChat account of the National Energy Administration, GMTEight editor: Xu Wenqiang.

21/01/2025

In 2024, our country has implemented more than 60,000 urban renewal projects, with a total investment completed of around 2.9 trillion yuan.

According to China Construction News Network, in 2024, China implemented more than 60,000 urban renewal projects, with an investment of approximately 2.9 trillion yuan, and comprehensive effects gradually becoming apparent. Among them, 12 provinces established special funds for awards, subsidies, or loan interest subsidies, and 12 provinces issued special bonds totaling nearly 100 billion yuan for various types of renewal and renovation projects, with some areas improving tax and fee reduction policies. Various regions actively sought financial and credit support, expanding credit reporting methods and extending loan terms. Twenty-eight cities established urban renewal funds, with a total fund size of 455 billion yuan. Various regions attracted social capital investments through government-enterprise cooperation, franchising, enterprise contracting, and independent renewal. The text above: More than 60,000 urban renewal projects implemented nationwide in 2024 All regions across the country have generally regarded urban renewal as a comprehensive and systematic strategic action for party committees and governments to do well in urban work in the new era and promote the high-quality development of cities, continuously innovating and improving the mechanism, institutional policies, and implementation models of urban renewal work. In 2024, more than 60,000 urban renewal projects were implemented nationwide, with an investment of approximately 2.9 trillion yuan, and comprehensive effects are gradually becoming apparent. 1. Establish a government overall coordination, departmental linkage, supervision, and assessment work organization mechanism. More than 410 cities have set up urban renewal work leading groups, with the main leaders serving as the group leaders to strengthen government coordination. Twenty-one cities have established urban renewal bureaus to promote full-time management on a regular basis. Twelve provinces have established provincial supervisory mechanisms, and seven provinces have included urban renewal in the provincial government's performance appraisal. Ten provinces have carried out provincial-level urban renewal pilot projects in stages. 2. Construct an urban renewal system and policy framework. One province and nine cities have issued urban renewal regulations, 92 cities have issued management measures, and 150 cities have issued guiding documents, making the objectives, tasks, paths, and procedures of urban renewal gradually clear. More than 1,000 supporting policies have been formulated in various regions related to land, planning, finance, and taxation, as well as financial support. More than 260 technical standards and operation guidelines have been issued, improving the accuracy of supporting policies. 3. Establish an integrated mechanism for city check-ups and urban renewal. 297 cities at the prefectural level or above have comprehensively carried out urban check-ups, thoroughly identifying urban problems and determining key tasks for urban renewal. More than 310 cities have formulated special urban renewal plans to form an implementation system of "urban renewal planningunit (area) planningproject implementation plans," with some cities emphasizing refined urban design guidance. Sixteen provinces have established urban renewal project libraries to strengthen project planning, regular reserves, and dynamic adjustments. Various regions continue to optimize construction project approval management procedures.

21/01/2025

National Energy Administration: The total electricity consumption of the whole society will increase by 6.8% year-on-year by 2024.

On January 20, the National Energy Administration released the data for total electricity consumption of the whole society in 2024. In 2024, the total electricity consumption was 985.21 billion kilowatt-hours, an increase of 6.8% compared to the previous year, with the electricity generated by large-scale industries reaching 94.181 billion kilowatt-hours. In terms of electricity consumption by different industries, the electricity consumption of the primary industry was 135.7 billion kilowatt-hours, an increase of 6.3%; the electricity consumption of the secondary industry was 63.874 billion kilowatt-hours, an increase of 5.1%; the electricity consumption of the tertiary industry was 18.348 billion kilowatt-hours, an increase of 9.9%; and the electricity consumption for urban and rural residents' daily life was 14.942 billion kilowatt-hours, an increase of 10.6%. This article is from the "National Energy Administration", edited by GMTEight: Jiang Yuanhua.

20/01/2025

Two departments: authorize eligible operations agencies to conduct data governance and development, and provide data products and services to the market fairly.

On January 20th, the National Development and Reform Commission and the National Bureau of Statistics issued a notice on establishing a mechanism for the pricing of public data resource authorization operations. It proposed to clearly define the pricing range and management authority. Relevant regions, departments, and units engaged in the operation of public data resources authorization must register public data resources according to relevant regulations, authorize qualified operating organizations to carry out data governance and development, and provide data products and services to the market fairly. The authorizing body guides the operating organization to establish a list of data products and services that can be provided in various application scenarios, providing free services for public governance and public welfare and charging public data operation service fees for industrial development and industry development. The public data operation service fee is subject to government-guided price management. Data products and services registered by the national data management department are included in the central pricing catalog according to the procedure; those registered by local data management departments are included in the local pricing catalog according to the procedure. The provincial development and reform departments, in principle, in collaboration with data management departments, set the fee standards, and if necessary, can authorize the city-level and above government to set them. Scientifically determine the maximum allowable income. The development and reform department, in conjunction with the data management department, determines the maximum allowable income according to the principles of "cost compensation" and "reasonable profit". The maximum allowable income includes operating costs, allowable profits, and taxes. Operating costs refer to the reasonable expenses incurred by the operating organization in the process of providing data products and services for industrial and industry development after deducting government subsidies, mainly including the construction and operation costs related to authorized operations, data transmission, aggregation, storage, governance costs, human resource costs, related expenses for obtaining public data resources, and period expenses, specifically determined through cost surveys. The allowable profit is determined by multiplying the operating cost by the allowable profit rate. The allowable profit rate is determined by adding the average yield of the 10-year national bonds before the cost survey by no more than 6 percentage points, specifically clarified by the development and reform department with pricing authority in conjunction with the data management department. Taxes are implemented in accordance with relevant national regulations.According to the management department's regular evaluation of the highest permitted income of operating institutions and other situations, relevant policies are adjusted and improved in a timely manner. The evaluation period should not exceed 3 years in principle. If the actual income exceeds the highest permitted income in the previous period, the excess amount will be deducted when determining the highest permitted income for the next period, and any excess may be smoothed out over different periods.During the evaluation period, the authorized body guides the operating institution to adjust the fee standards reasonably according to the actual income and sales scale of the operating institution each year. If the actual income deviates by 10% or less from the highest allowable income in that year, the authorized body will guide the operating institution to adjust the specific fee standards; if it exceeds 10%, the authorized body will adjust the maximum fee standards. Fifth, strengthen guidance and supervision. The development and reform department and data management department, together with the authorized body, guide the operating institution to establish a sound internal price management system, separately account for and accurately record the operating costs and income of public data resource authorization operations, and timely adjust excessive pricing and fees that have strong social feedback; promote the operating institution to timely publicize the list of data products and service projects and related fee standards to the society; closely cooperate with relevant departments to investigate and deal with behaviors that do not comply with industry management regulations, do not follow government guided prices, price fraud, and failure to follow the required pricing labeling. By the end of March each year, the authorized body submits an annual operating report of the operating institution to the development and reform department and the data management department of the previous year. The report should include the overall operating conditions of the operating institution, the cost expenses, actual income and profits of authorized operations, sales scale and income of specific products and services, deviation from actual income to the highest allowable income, and adjustment of fee standards. All regions and relevant departments should attach great importance to the work related to the formation mechanism of public data resource authorization operation prices, strengthen overall coordination, enhance policy coordination, and promote the effective connection between price policies and industry management policies to form a joint force. If the local government is the authorized body, the department designated by it is responsible for the relevant work of the authorized body in this notice. For public enterprises conducting authorized operations, the industry supervisory department is responsible for the relevant work of the authorized body according to the provisions of this notice. Encourage regions or industries with better basic development of public data resources to actively explore, enrich application scenarios, and innovate products and services. When issuing price policies related to public data resource authorization operation, actively strengthen publicity, enhance policy interpretation, and respond promptly to social concerns. This notice shall come into effect on March 1, 2025. National Development and Reform Commission National Bureau of Statistics January 16, 2025 This article is adapted from the "National Development and Reform Commission", edited by Li Fo.

20/01/2025

Ministry of Finance: Carry out market-making support operations for national bonds in January 2025.

Recently, the Ministry of Finance issued a notice regarding the implementation of market-making support operations for national bonds in January 2025. In order to support market-making of national bonds, enhance liquidity in the secondary market of national bonds, and improve the national bond yield curve reflecting market supply and demand, the Ministry of Finance has decided to carry out market-making support operations for national bonds. This operation includes two periods of national bonds for selling operations: the 2024 book-entry interest-bearing (Eleventh Tranche) national bond with an operation amount of 320 million yuan and a term of 10 years; and the 2024 book-entry interest-bearing (Nineteenth Tranche) national bond with an operation amount of 450 million yuan and a term of 2 years. In terms of bidding restrictions, the bid price fluctuation for the Eleventh Tranche national bond is 0.08 yuan, with a maximum and minimum bid price difference limit of 45 bid points; and the bid price fluctuation for the Nineteenth Tranche national bond is 0.03 yuan, with a maximum and minimum bid price difference limit of 35 bid points. Original text: Notice regarding the implementation of market-making support operations for national bonds in January 2025 Finance Office Treasury [2025] No. 14 Market-making support participating institutions for national bonds, China Foreign Exchange Trading Center and National Interbank Borrowing Center, and China Central Depository & Clearing Co., Ltd.: In order to support market-making of national bonds, enhance liquidity in the secondary market of national bonds, and improve the national bond yield curve reflecting market supply and demand, the Ministry of Finance has decided to carry out market-making support operations for national bonds (referred to as this operation below). The relevant matters are notified as follows: I. Main arrangements for the operation II. Bidding restrictions III. Listing arrangements for selling bonds and payment of operation funds Starting from January 24, 2025, they will be listed for trading with national bonds of the same period. Winning participating institutions are required to pay the operation funds into the designated fund account of the Ministry of Finance by January 22, 2025, and the payment date is based on the receipt of funds by the designated account of the Ministry of Finance. Payee's name: Ministry of Finance of the People's Republic of China Account opening bank: Central Treasury General Account Remitting bank account number: 011100099992 2024 book-entry interest-bearing (Eleventh Tranche) national bond payment account: 270-24111-11 2024 book-entry interest-bearing (Nineteenth Tranche) national bond payment account: 270-24119-12 IV. Other matters In addition to following the above provisions, all other matters will be carried out in accordance with the "Notice of the Ministry of Finance and the People's Bank of China on Issuing the <Regulations on Market-making Support Operations for National Bonds>" (Finance Treasury [2016] No. 154) and other relevant regulations. This article is excerpted from the "Ministry of Finance of the People's Republic of China", edited by GMTEight: Liu Xuan.

20/01/2025

January LPR quotations are released: 1-year and 5-year and above interest rates remain unchanged.

On January 20th, the central bank issued a statement announcing that it would keep the one-year and five-year and above loan market benchmark interest rates unchanged at 3.1% and 3.6%, respectively. This article is compiled from the official website of the central bank, edited by GMTEight: Xu Wenqiang.

20/01/2025

CSRC solicits public comments on the "Regulations on Supervision and Administration of Fundraising by Listed Companies (Exposure Draft)"

On January 17, the China Securities Regulatory Commission solicited public comments on the "Regulations on the Supervision of Funds Raised by Listed Companies (Draft for Solicitation of Comments)". The "Regulations" consist of twenty-three articles, emphasizing that raised funds should be used exclusively for designated purposes and core business activities. It specifies the specific circumstances of changes in fund usage and the process requirements for delaying implementation, further regulating the temporary cash management and liquidity supplementation of idle raised funds, as well as the use of excess raised funds. The China Securities Regulatory Commission solicited public comments on the "Regulations on the Supervision of Funds Raised by Listed Companies (Draft for Solicitation of Comments)" in order to thoroughly implement the spirit of the Central Financial Work Conference, further improve the quality of listed companies, and strengthen the supervision of raised funds. Based on the "Guidelines for the Supervision of Listed Companies No. 2 - Supervision Requirements for the Management and Use of Raised Funds of Listed Companies", drafted the "Regulations on the Supervision of Funds Raised by Listed Companies (Draft for Solicitation of Comments)" (hereinafter referred to as the "Regulations"). The "Regulations" focus on enhancing the security and normativity of raised funds, further improving the efficiency of fund utilization, and are now open to public comments. The "Regulations" consist of twenty-three articles, emphasizing that raised funds should be used exclusively for designated purposes and core business activities. It specifies the specific circumstances of changes in fund usage and the process requirements for delaying implementation, further regulating the temporary cash management and liquidity supplementation of idle raised funds, as well as the use of excess raised funds. In addition, the "Regulations" adhere to the strict regulatory concept, clarify accountability clauses, establish connections with higher-level laws such as the Securities Law, Measures for the Administration of Securities Issuance and Listing Sponsorship Business, Measures for the Administration of Information Disclosure by Listed Companies, etc., and promote the normalization of fund management and usage by listed companies through strengthening in-process and post-process supervision, and encourage intermediary institutions to fulfill their duties diligently. Welcome valuable opinions from all sectors of society. The China Securities Regulatory Commission will carefully study feedback from all parties, further revise and improve it, and then publish and implement it in accordance with procedures. Source: China Securities Regulatory Commission official website, edited by GMTEight: Liu Jiayin.

17/01/2025

CSRC: Approve Guotai Junan's application to absorb and merge Haitong

On January 17th, the China Securities Regulatory Commission approved Guotai Junan to absorb and merge Haitong by issuing an additional 5,985,871,332 shares. The Commission also approved Guotai Junan's application to issue shares to raise supplementary funds of up to 10 billion yuan. After the merger is completed, Haitong will be dissolved in accordance with the law, and the original branches of Haitong will be changed to branches of Guotai Junan. The original text is as follows: Approval for Guotai Junan Securities Co., Ltd. to absorb and merge Haitong Securities Co., Ltd., raise supplementary funds, approval for changes in major shareholders and controllers of Haifutong Fund Management Co., Ltd., Fuguo Fund Management Co., Ltd., and Haitong Futures Co., Ltd. Guotai Junan Securities Co., Ltd., Haitong Securities Co., Ltd., Haifutong Fund Management Co., Ltd., Fuguo Fund Management Co., Ltd., and Haitong Futures Co., Ltd.: The China Securities Regulatory Commission has received the Shanghai Stock Exchange's submission regarding the stock swap absorption and merger of Guotai Junan Securities Co., Ltd. (hereinafter referred to as Guotai Junan) and Haitong Securities Co., Ltd. (hereinafter referred to as Haitong) as well as the fundraising opinions, and the relevant documents you have submitted. In accordance with the relevant provisions of the Securities Law of the People's Republic of China, the Company Law of the People's Republic of China, the Securities Investment Fund Law of the People's Republic of China, the Futures and Derivatives Law of the People's Republic of China, the Regulations on the Supervision and Management of Securities Companies, the Regulations on the Supervision and Management of Futures Trading, the General Office of the State Council's Notice on Implementing the Amendment of the Securities Law (State Council Office's Document No. 5 of 2020), the Measures for the Management of Major Asset Restructuring of Listed Companies (CSRC Order No. 214), the Regulations on the Management of Equity of Securities Companies (CSRC Order No. 183), the Measures for the Supervision and Administration of Publicly Offered Securities Investment Fund Managers (CSRC Order No. 198), the Measures for the Supervision and Administration of Futures Companies (CSRC Order No. 155), etc., the following approvals are now provided: 1. Approval for Guotai Junan to absorb and merge Haitong by issuing an additional 5,985,871,332 shares. 2. Approval for Guotai Junan's application to issue shares to raise supplementary funds of up to 10 billion yuan. 3. Approval for Guotai Junan to absorb and merge Haitong. After the merger is completed, Haitong will be dissolved in accordance with the law, and the original branches of Haitong will be changed to branches of Guotai Junan. 4. Approval for Guotai Junan to become the major shareholder of Haifutong Fund Management Co., Ltd. (hereinafter referred to as Haifutong Fund); approval for Shanghai International Group Co., Ltd. (hereinafter referred to as Shanghai International Group) to become the actual controller of Haifutong Fund; no objections to Guotai Junan's acceptance of 153 million yuan (51% of the registered capital) contribution from Haifutong Fund in accordance with the law. 5. Approval for Guotai Junan to become the major shareholder of Fuguo Fund Management Co., Ltd. (hereinafter referred to as Fuguo Fund); no objections to Guotai Junan's acceptance of a contribution of 144.43 million yuan (27.775% of the registered capital) from Fuguo Fund in accordance with the law. 6. Approval for Guotai Junan to become the major shareholder of Haitong Futures Co., Ltd. (hereinafter referred to as Haitong Futures); approval for Shanghai International Group to become the actual controller of Haitong Futures; no objections to Guotai Junan's acceptance of 1,083,101,687 shares of Haitong Futures (83.22% of the registered capital) in accordance with the law. 7. In this issuance of shares by Guotai Junan to absorb and merge Haitong and raise supplementary funds, you must strictly follow the relevant application documents submitted to the Shanghai Stock Exchange, complete the relevant procedures for issuing shares in accordance with the regulations, and promptly fulfill your information disclosure obligations. 8. Guotai Junan and Haitong should orderly proceed with the merger, implement related business, customer, and employee integration arrangements, ensure the legitimate rights and interests of customers are not harmed, properly place employees, and maintain social stability. 9. Guotai Junan should, in accordance with the preliminary integration plan submitted to us, within 1 year, formulate and submit a specific integration plan, clarify the timetable, and properly and orderly promote the integration work. Before the integration work is completed, Guotai Junan should effectively isolate risks with Haitong and its subsidiaries, strictly regulate related party transactions, and guard against conflicts of interest and transmission risks. 10. Guotai Junan should amend its articles of association in accordance with this approval and file the amended articles of association with the local securities regulatory bureau. 11. Haitong Futures should urge Guotai Junan and Shanghai International Group to complete the integration of Haitong Futures and Guotai Junan Futures Co., Ltd. in an orderly manner within the committed time frame as outlined in the plan submitted to us. 12. This approval for the issuance of shares by Guotai Junan to absorb and merge Haitong and raise supplementary funds is valid for 12 months from the date of issue. Haitong should complete the industrial and commercial deregistration process within 12 months from the date of this approval, and the original branches of Haitong and Guotai Junan should complete the industrial and commercial registration changes within 12 months from the date of this approval. 13. After the dissolution of Haitong, it should submit the Operations License for Securities and Futures Business to us. Guotai Junan and the original branches of Haitong should apply for the issuance of the Operations License for Securities and Futures Business within 15 days of receiving the business license. Please note that this is an edited and shortened translation of the original document. into EnglishFourteen, after this transaction is completed, Guotai Junan should urge its relevant overseas subsidiaries to comply with the laws and regulations and regulatory requirements of the countries and regions where they are located, operate in a compliant and prudent manner, and accept supervision by local regulatory authorities. Fifteen, in the implementation process, if any significant matters that need to be disclosed according to laws and regulations or if significant problems arise, you should promptly report to the CSRC, relevant securities regulatory bureaus, and the Shanghai Stock Exchange and handle them in accordance with relevant regulations. China Securities Regulatory Commission January 17, 2025 This article is excerpted from the China Securities Regulatory Commission, edited by GMTEight: Chen Wenfang.

17/01/2025

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